Treasury bills, Forex, other transactions turnover hit N34. 27trn in 2 months
..As Access Bank, 9 others account for 74% overall turnover
Motolani Oseni
At the end of the first two months in 2019, trading activities in Treasury Bills, Foreign Exchange market transactions (Spot FX and FX Derivatives), Repos/Buy-Backs product categories (Repos/Buy-backs), among others recorded a total turnover amounted to N34.27 trillion between January and February 2019.
FMDQ OTC Securities Exchange in a report obtained by The Daily Times on Monday stated that Stanbic IBTC Bank, United Bank for Africa Plc (UBA), Access Bank Plc and seven others accounted for 74.79 per cent r N25.63 trillion of the overall turnovers in the market in the two months considered in this report.
For instance, Treasury bills contributed the largest to overall turnover, accounting for 43.32per cent or N14.8 trillion of the market.
“Foreign Exchange market transactions (Spot FX and FX Derivatives) accounted for 34.92per cent or N7.9 trillion whilst Repos/Buy-Backs product categories (Repos/Buy-backs) accounted for 16.16per cent or N5.54 trillion.
The FMDQ report further stated, “Bonds and Unsecured Placements & Takings representing 5.16per cent and 0.44per cent respectively, of overall market turnover,” the report by FMDQ OTC added.
From the report, FMDQ maintains its support for the development of the Commercial Paper (CP) market by steadfastly availing its highly efficient and credible platform for the registration, listings, quotations, noting, trading and reporting of debt securities.
FMDQ said Stanbic IBTC Bank, United Bank for Africa Plc (UBA), Access Bank Plc and seven others accounted for 74.79 per cent r N25.63 trillion of the overall turnover in the market between January and February of this year.
The report by FMDQ on Monday stated that the top three commercial banks accounted for 50.30per cent or N12.89 trillion of this subsection of the market.
According to FMDQ chart, Stanbic IBTC Bank, UBA and Access Bank were the leaders in the value traded for the overall over-the-counter (OTC) market, ranking first, second and third respectively.
On the fourth and fifth position were Standard Chartered Bank Nigeria Limited and Ecobank Nigeria Limited while First Bank Of Nigeria Limited and Coronation Merchant Bank Ltd were on sixth and seventh position respectively.
The report stated that Citibank Nigeria Limited, First City Monument Bank Limited and Zenith Bank Plc were ranked eighth, ninth and tenth position respectively.
Accordingly, the month of March saw key activities in the CP quotations space on the Securities Exchange, wherein the Board Listings, Markets and Technology Committee of FMDQ approved the quotations of Flour Mills of Nigeria N5.18 billion Series 5 and N1.74 billion Series 6 CP under a N100.00 billion CP Issuance Programme and UACN Property Development Company N5.62 billion Series 32 and N7.96 billion Series 33 CP under a N24.00 billion CP Issuance Programme, to its platform.
In addition to the efficient registration process, the quotations of this CPs on FMDQ will avail Flour Mills of Nigeria and UACN Property Development Company benefits which include, but are not limited to, enhanced investor confidence in the issuers, transparent/relevant information disclosure on the issues, effective price formation and global visibility.
